Published: Tue, March 24, 2020
Electronics | By Kelly Massey

Tennessee receives disaster loan assistance for small businesses impacted by coronavirus

Tennessee receives disaster loan assistance for small businesses impacted by coronavirus

"The loans are not meant to replace lost sales or profits, rather they are meant to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred", reads the loan application document.

Senator Eric Pratt (R- Prior Lake) and Senator Jason Rarick (R - Brook Park) commended the state's decision to provide loans to small businesses affected by COVID-19 mitigation closings. "Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of ..."

After disasters, such as hurricanes, floods, tornadoes, earthquakes, wildfires and public health emergencies like COVID-19, the SBA is the primary source of federal funds to assist small businesses' long-term recovery efforts. These actions include making it easier for states and territories to request a declaration so small businesses statewide can now apply for economic injury disaster loans, and changing the terms of new economic injury loans to allow for one-year deferments.

The loans became available after federal approval of a certification request submitted Tuesday by Gov. David Ige.

Last week we had sent out a survey that was released to us from SBA which is the US Small Business Administration.

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Export Working Capital program enables small businesses to fulfill export orders and finance global sales by providing revolving lines of credit or transaction-based financing of up to $5 million.

Wyoming Governor Mark Gordon has announced that Wyoming small businesses can now apply for federal disaster loans of up to $2 million per company through the Small Business Administration [SBA].

Apply online and select "Economic Injury" as the reason you're seeking assistance.

Call the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 for help with your application. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15. By making this change, deferments through December 31, 2020, will be automatic.

Facebook has committed to offering up to 30,000 small businesses $100 million in cash grants and Facebook advertising credits. In addition, the St. Louis Regional Chamber has developed a site for the most updated, comprehensive information available for businesses and non-profits for the region - Chamber Covid-19 site here. "This is going to work with the timing of the SBA loans that have now been approved in New York", Onondaga County Executive Ryan McMahon said during a recent coronavirus briefing at the Oncenter.

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